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NNOORRTTHH CCAARROOLLIINNAA CCEENNTTRRAALL
UUNNIIVVEERRSSIITTYY
222000111111 AAAnnnnnnuuuaaalll FFFiiinnnaaannnccciiiaaalll RRReeepppooorrrttt
FFFiiissscccaaalll yyyeeeaaarrr eeennndddeeeddd JJJuuunnneee 333000,,, 222000111111
DDDuuurrrhhhaaammm,,, NNNCCC
2
3
NNNOOORRRTTTHHH CCCAAARRROOOLLLIIINNNAAA CCCEEENNNTTTRRRAAALLL UUUNNNIIIVVVEEERRRSSSIIITTTYYY
Biomanufacturing Research Institute and Technology Enterprise (BRITE)
IIInnntttrrroooddduuuccctttooorrryyy SSSeeeccctttiiiooonnn 4
master’s, and selected professional levels. It is the nation’s first public liberal arts institution founded for
NCCU’s vision is to be recognized as one of the nation’s lead5
6
Board Members
Dr. Dwight D. Perry, Chair 2207 Vintage Hill Drive Durham, NC 27704 (919) 595-2000 (919) 620-0536 (919) 595-2180 ddprry@aol.com
Mr. Robert E. Dolan, Vice Chair 832 Lombardy Drive Lansdale, PA 19446 (215) 368-1049 dolanval@aol.com
Mrs. Avon L. Ruffin, Secretary 322 Wyntfield Drive Lewisville, NC 27023 (336) 945-6768 avonstar@myway.com
Mr. John Barbee 5103 McMurray Circle Greensboro, NC 27410
(336) 812-2276
jbar5103@aol.com
Mr. Charles J. Baron 1328 Juniper Street, NW Washington, DC 20012 (202) 722-1850 (202) 722-0580 chkjbaron@aol.com Mr. Harold T. Epps PRWT Services, Inc. 1835 Market Street Suite 800 Philadelphia, PA 19103 (215) 988-8940 (215) 925-4890 (215) 569-9893 harold.epps@prwt.com
Mr. George Hamilton The Dow Chemical Center 2040 Dow Center Midland, MI 48674 (989) 636-7520 (989) 638-0424 grhamilton@dow.com 7
Mr. Paul R. Pope, Jr. 109 Kingsley Woods Circle Durham, NC 27703
(919) 433-1569
(919) 596-8129
ppope1549@gmail.com
Mr. Carlton Thornton P.O. Box 51216 Durham, NC 27717 (434) 865-4008 ct.nccu@yahoo.com
Mrs. Nancy J. Wysenski Vertex Pharmaceuticals 130 Waverly Street Cambridge, MA 02139
(617) 444 6055
nancy_wysenski@vrtx.com
Mr. Reggie McCrimmon, SGA President North Carolina Central University A.E. Student Union, Suite 107 Durham, NC 27707 (919) 530-6111 (919) 530-7967 sgapresident@mail.nccu.edu
Board of Trustees Campus Contacts Dr. Charlie Nelms, Chancellor North Carolina Central University P.O. Box 19617 Durham, NC 27707
(919) 530-6104
(919) 530-5014
cnelms@nccu.edu 8
NNNOOORRRTTTHHH CCCAAARRROOOLLLIIINNNAAA CCCEEENNNTTTRRRAAALLL UUUNNNIIIVVVEEERRRSSSIIITTTYYY
222000111111 FFFiiinnnaaannnccciiiaaalll SSSeeeccctttiiiooonnn
9
Office of the Vice Chancellor of Administration and Finance
supplemental information includes notes to the financial statements and Management’s
University’s system of internal controls provides reasonable assurance that assets are
10
NORTH CAROLINA CENTRAL UNIVERSITY MANAGEMENT’S DISCUSSION AND ANALYSIS
Management’s Discussion and Analysis is intended to give the reader an over
During the year, the University established the “Commission on Enhancing the Intellectual Climate”
Universities) and the School of Law was judged “Most Popular” by World News and Reports.
se in the total University’s budget was
during the University’s centennial year. During the fiscal year, the Office of Institutional Advancement
During the past academic year, the University’s total enrollment virtually stayed flat with a slight increase 11
12
, the University’s total assets were $
sity’s liabilities totaled $129.8
which indicates the University’s ability to pay current liabilities as they become due
13
14
the University’s existence and f
state’s budget. The University received $5.3 million, which was recorded as nonoperating revenue.15
the University will see reductions in its appropriations to adjust for expected decreases in the State’s 2012, the University’s budget was reduced by 116
fall. The decline is directly attributable to the University’s efforts to raise the academic standards.
Lastly, North Carolina Central University’s faculty continues writing, applying, and receiving research 17
18
19
Total Operating Revenues
Supplies and Materials
Total Operating Expenses
Operating Loss
Other Noncapital Grants
Interest and Fees on Debt
Income Before Other Revenues, Expenses, Gains, or Losses
Increase (Decrease) in Net Assets
20
21
22
23
24
University’s
25
Carolina and an integral part of the State’s
of the University’s funds. The University’s component units are either blended or discretely presented in the University’s financial stat the University’s operations and therefore, the University. Discretely presented component units’ financial data
appointed by the Chancellor and the Real Estate Foundation’s sole purpose is
troller’s Office, 26
Foundation’s financial information in the University’s financial reporting entity for these
University’s Comptroller’s Office, 1801 Fayetteville Street, Durham, NC
– and Management’s Discussion and Analysis and Management’s Discussion and Analysis the full scope of the University’s activities 27
–
charges for auxiliary enterprises’ sales and services. Receivables also 28
The University’s policy is to record the cost of 29
The University’s net assets
University’s total investment in capital assets, net of outstanding debt
dents’ behalf. Student financial 30
delivering goods in connection with the University’s principal ongoing 31
which represents the University’s equity position in the State Treasurer’s Short urer’s the State Treasurer’s Investment Pool (which includes the State Treasurer’s North Carolina’s is available by accessing the North Carolina Office of the State Controller’s icking on “Proceed directly to OSC’s index page,” then “Reports,” or by calling the State Controller’s
University’s deposits not with the S credit risk is the risk that in the event of a bank failure, the University’s , the University’s
69.1(c), applicable to the State’s General Fund, and 32
Investments of the University’s component unit “Uniform Prudent Management of Institutional Funds Act” (UPMIFA) and
University’s Endowment Board.
fund’s investment balance is determined on the University’s Endowment Board.33
Long-Term Investment Pool
At June 30, 2011, the University’s
which represents the University’s equity
, for the University’s non
Non-Pooled Investments
, the University’s non
34
Investments of the University’s discretely presented
36E “Uniform Prudent Management of Institutional Funds Act”
35
–
Investments of the University’s endowment funds are pooled, unless required to
funds. Under the “Uniform Prudent Management of Institutional Funds Act”
ity of the University’s endowment donor agreements prohibit
Investment return of the University’s endowment funds is predicated on the total
Annual payouts from the University’s
of the endowment principal’s market value.
36
37
38
demand bond issues. Demand bonds are securities that contain a “put”
the debt upon proper notice to the University’s remarketing or paying agents.
39
agreement 40
of the University’s outstan
41
ersity’s financial statements.
42
Wachovia’s current long Moody’s Investor’s Service, and AA by Standard and Poor’s Corporation
BBA Index. If the relationship of the Foundation’s bonds trade to a on the Foundation’s bonds was .08
43
44
The University’s operating expenses by functional classification are presented as
45
employment, is a member of either the Teachers’ and State Employees’ employment; otherwise they are automatically enrolled in the Teachers’ and State Employees’ Retirement System.
The Teachers’ and State Employees’ Retirement System is a cost
Benefit and contribution provisions for the Teachers’ and State Employees’
was covered under the Teachers’ and State Employees’ Retirement System. Total employer and employee contributions
The Teachers’ and State Employees’ Retirement System’s finan information is included in the State of North Carolina’s accessing the North Carolina Office of the State Controller’s Internet home and clicking on “Proceed directly to OSC’s index page,” then “Reports,” or by calling the State Controller’s Financial
to beneficiaries in the event of the participant’s death. Administrators and Teachers’ and State Employees’ Retirement System. The Board of 46
administrative requirements and to manage the trust fund’s assets. All costs
All members of the Teachers’ and State Employees’ Retirement System and the Optional Retirement Program are e University’s law enforcement officers, 47
ployee’s eligible contributions,
the Teachers’ and State Employees’ Retirement System or the
The Plan’s benefit and contribution provisions are established by
, the Fund is administered by the Board of Trustees of the Teachers’ and State Employees’ Retirement System and contributions to the fund are payroll under the Teachers’ and State Employees’ Retirement System and 48
State of North Carolina’s Office of the State Controller’s Internet home page and clicking on “Proceed directly to OSC’s index page,” then “Reports,” or by calling the State Controller’s Financial Reporting Section at (919)
eligible members of the Teachers’ and State Employees’ Retirement System
% of covered payroll under the Teachers’ and State Employees’
North Carolina’s
Claims Act. In addition, the State provides excess public officers’ and employees’ liability insurance up to $10,000,000 via contract with a private 49
supported by the State’s General Fund. Other operations not supported by the State’s General Fund are charged for the coverage, vandalism and “all risk” for certain buildings and contents. In addition,
and State’s Agent
The North Carolina Workers’ Compensation Program provides benefits to program. When an employee is injured, the University’s North Carolina Workers’ Compensation Act. The University retains the risk for workers’ compensation.
disclosed in the State’s 50
51
NNNOOORRRTTTHHH CCCAAARRROOOLLLIIINNNAAA CCCEEENNNTTTRRRAAALLL UUUNNNIIIVVVEEERRRSSSIIITTTYYY
2011 Rose Parade featuring NCCU Sound Machine
222000111111 SSSuuuppppppllleeemmmeeennntttaaalll IIInnnfffooo SSSeeeccctttiiiooonnn 52
Alumni & Friends
53
School of Law 54
NCCU Athletics
admit NCCU as the MEAC’s 13th member effective
–55
56
We are the nation’s first state

NNOORRTTHH CCAARROOLLIINNAA CCEENNTTRRAALL
UUNNIIVVEERRSSIITTYY
222000111111 AAAnnnnnnuuuaaalll FFFiiinnnaaannnccciiiaaalll RRReeepppooorrrttt
FFFiiissscccaaalll yyyeeeaaarrr eeennndddeeeddd JJJuuunnneee 333000,,, 222000111111
DDDuuurrrhhhaaammm,,, NNNCCC
2
3
NNNOOORRRTTTHHH CCCAAARRROOOLLLIIINNNAAA CCCEEENNNTTTRRRAAALLL UUUNNNIIIVVVEEERRRSSSIIITTTYYY
Biomanufacturing Research Institute and Technology Enterprise (BRITE)
IIInnntttrrroooddduuuccctttooorrryyy SSSeeeccctttiiiooonnn 4
master’s, and selected professional levels. It is the nation’s first public liberal arts institution founded for
NCCU’s vision is to be recognized as one of the nation’s lead5
6
Board Members
Dr. Dwight D. Perry, Chair 2207 Vintage Hill Drive Durham, NC 27704 (919) 595-2000 (919) 620-0536 (919) 595-2180 ddprry@aol.com
Mr. Robert E. Dolan, Vice Chair 832 Lombardy Drive Lansdale, PA 19446 (215) 368-1049 dolanval@aol.com
Mrs. Avon L. Ruffin, Secretary 322 Wyntfield Drive Lewisville, NC 27023 (336) 945-6768 avonstar@myway.com
Mr. John Barbee 5103 McMurray Circle Greensboro, NC 27410
(336) 812-2276
jbar5103@aol.com
Mr. Charles J. Baron 1328 Juniper Street, NW Washington, DC 20012 (202) 722-1850 (202) 722-0580 chkjbaron@aol.com Mr. Harold T. Epps PRWT Services, Inc. 1835 Market Street Suite 800 Philadelphia, PA 19103 (215) 988-8940 (215) 925-4890 (215) 569-9893 harold.epps@prwt.com
Mr. George Hamilton The Dow Chemical Center 2040 Dow Center Midland, MI 48674 (989) 636-7520 (989) 638-0424 grhamilton@dow.com 7
Mr. Paul R. Pope, Jr. 109 Kingsley Woods Circle Durham, NC 27703
(919) 433-1569
(919) 596-8129
ppope1549@gmail.com
Mr. Carlton Thornton P.O. Box 51216 Durham, NC 27717 (434) 865-4008 ct.nccu@yahoo.com
Mrs. Nancy J. Wysenski Vertex Pharmaceuticals 130 Waverly Street Cambridge, MA 02139
(617) 444 6055
nancy_wysenski@vrtx.com
Mr. Reggie McCrimmon, SGA President North Carolina Central University A.E. Student Union, Suite 107 Durham, NC 27707 (919) 530-6111 (919) 530-7967 sgapresident@mail.nccu.edu
Board of Trustees Campus Contacts Dr. Charlie Nelms, Chancellor North Carolina Central University P.O. Box 19617 Durham, NC 27707
(919) 530-6104
(919) 530-5014
cnelms@nccu.edu 8
NNNOOORRRTTTHHH CCCAAARRROOOLLLIIINNNAAA CCCEEENNNTTTRRRAAALLL UUUNNNIIIVVVEEERRRSSSIIITTTYYY
222000111111 FFFiiinnnaaannnccciiiaaalll SSSeeeccctttiiiooonnn
9
Office of the Vice Chancellor of Administration and Finance
supplemental information includes notes to the financial statements and Management’s
University’s system of internal controls provides reasonable assurance that assets are
10
NORTH CAROLINA CENTRAL UNIVERSITY MANAGEMENT’S DISCUSSION AND ANALYSIS
Management’s Discussion and Analysis is intended to give the reader an over
During the year, the University established the “Commission on Enhancing the Intellectual Climate”
Universities) and the School of Law was judged “Most Popular” by World News and Reports.
se in the total University’s budget was
during the University’s centennial year. During the fiscal year, the Office of Institutional Advancement
During the past academic year, the University’s total enrollment virtually stayed flat with a slight increase 11
12
, the University’s total assets were $
sity’s liabilities totaled $129.8
which indicates the University’s ability to pay current liabilities as they become due
13
14
the University’s existence and f
state’s budget. The University received $5.3 million, which was recorded as nonoperating revenue.15
the University will see reductions in its appropriations to adjust for expected decreases in the State’s 2012, the University’s budget was reduced by 116
fall. The decline is directly attributable to the University’s efforts to raise the academic standards.
Lastly, North Carolina Central University’s faculty continues writing, applying, and receiving research 17
18
19
Total Operating Revenues
Supplies and Materials
Total Operating Expenses
Operating Loss
Other Noncapital Grants
Interest and Fees on Debt
Income Before Other Revenues, Expenses, Gains, or Losses
Increase (Decrease) in Net Assets
20
21
22
23
24
University’s
25
Carolina and an integral part of the State’s
of the University’s funds. The University’s component units are either blended or discretely presented in the University’s financial stat the University’s operations and therefore, the University. Discretely presented component units’ financial data
appointed by the Chancellor and the Real Estate Foundation’s sole purpose is
troller’s Office, 26
Foundation’s financial information in the University’s financial reporting entity for these
University’s Comptroller’s Office, 1801 Fayetteville Street, Durham, NC
– and Management’s Discussion and Analysis and Management’s Discussion and Analysis the full scope of the University’s activities 27
–
charges for auxiliary enterprises’ sales and services. Receivables also 28
The University’s policy is to record the cost of 29
The University’s net assets
University’s total investment in capital assets, net of outstanding debt
dents’ behalf. Student financial 30
delivering goods in connection with the University’s principal ongoing 31
which represents the University’s equity position in the State Treasurer’s Short urer’s the State Treasurer’s Investment Pool (which includes the State Treasurer’s North Carolina’s is available by accessing the North Carolina Office of the State Controller’s icking on “Proceed directly to OSC’s index page,” then “Reports,” or by calling the State Controller’s
University’s deposits not with the S credit risk is the risk that in the event of a bank failure, the University’s , the University’s
69.1(c), applicable to the State’s General Fund, and 32
Investments of the University’s component unit “Uniform Prudent Management of Institutional Funds Act” (UPMIFA) and
University’s Endowment Board.
fund’s investment balance is determined on the University’s Endowment Board.33
Long-Term Investment Pool
At June 30, 2011, the University’s
which represents the University’s equity
, for the University’s non
Non-Pooled Investments
, the University’s non
34
Investments of the University’s discretely presented
36E “Uniform Prudent Management of Institutional Funds Act”
35
–
Investments of the University’s endowment funds are pooled, unless required to
funds. Under the “Uniform Prudent Management of Institutional Funds Act”
ity of the University’s endowment donor agreements prohibit
Investment return of the University’s endowment funds is predicated on the total
Annual payouts from the University’s
of the endowment principal’s market value.
36
37
38
demand bond issues. Demand bonds are securities that contain a “put”
the debt upon proper notice to the University’s remarketing or paying agents.
39
agreement 40
of the University’s outstan
41
ersity’s financial statements.
42
Wachovia’s current long Moody’s Investor’s Service, and AA by Standard and Poor’s Corporation
BBA Index. If the relationship of the Foundation’s bonds trade to a on the Foundation’s bonds was .08
43
44
The University’s operating expenses by functional classification are presented as
45
employment, is a member of either the Teachers’ and State Employees’ employment; otherwise they are automatically enrolled in the Teachers’ and State Employees’ Retirement System.
The Teachers’ and State Employees’ Retirement System is a cost
Benefit and contribution provisions for the Teachers’ and State Employees’
was covered under the Teachers’ and State Employees’ Retirement System. Total employer and employee contributions
The Teachers’ and State Employees’ Retirement System’s finan information is included in the State of North Carolina’s accessing the North Carolina Office of the State Controller’s Internet home and clicking on “Proceed directly to OSC’s index page,” then “Reports,” or by calling the State Controller’s Financial
to beneficiaries in the event of the participant’s death. Administrators and Teachers’ and State Employees’ Retirement System. The Board of 46
administrative requirements and to manage the trust fund’s assets. All costs
All members of the Teachers’ and State Employees’ Retirement System and the Optional Retirement Program are e University’s law enforcement officers, 47
ployee’s eligible contributions,
the Teachers’ and State Employees’ Retirement System or the
The Plan’s benefit and contribution provisions are established by
, the Fund is administered by the Board of Trustees of the Teachers’ and State Employees’ Retirement System and contributions to the fund are payroll under the Teachers’ and State Employees’ Retirement System and 48
State of North Carolina’s Office of the State Controller’s Internet home page and clicking on “Proceed directly to OSC’s index page,” then “Reports,” or by calling the State Controller’s Financial Reporting Section at (919)
eligible members of the Teachers’ and State Employees’ Retirement System
% of covered payroll under the Teachers’ and State Employees’
North Carolina’s
Claims Act. In addition, the State provides excess public officers’ and employees’ liability insurance up to $10,000,000 via contract with a private 49
supported by the State’s General Fund. Other operations not supported by the State’s General Fund are charged for the coverage, vandalism and “all risk” for certain buildings and contents. In addition,
and State’s Agent
The North Carolina Workers’ Compensation Program provides benefits to program. When an employee is injured, the University’s North Carolina Workers’ Compensation Act. The University retains the risk for workers’ compensation.
disclosed in the State’s 50
51
NNNOOORRRTTTHHH CCCAAARRROOOLLLIIINNNAAA CCCEEENNNTTTRRRAAALLL UUUNNNIIIVVVEEERRRSSSIIITTTYYY
2011 Rose Parade featuring NCCU Sound Machine
222000111111 SSSuuuppppppllleeemmmeeennntttaaalll IIInnnfffooo SSSeeeccctttiiiooonnn 52
Alumni & Friends
53
School of Law 54
NCCU Athletics
admit NCCU as the MEAC’s 13th member effective
–55
56
We are the nation’s first state